PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.3 million loan for the construction of a 40-unit apartment property in Philadelphia. The Mount Vernon Apartments development will convert a former industrial building into a multifamily property. MMCC arranged a five-year loan that includes a fixed interest rate of 4.75 percent.
THE WOODLANDS, TEXAS — A fund advised by CBRE Global Investors has acquired The Retreat at The Woodlands, a 240-unit multifamily property in The Woodlands. The Class AA, garden-style apartment complex is located at 4400 College Park Drive and features a clubhouse and units with granite countertops and stainless steel appliances. Houston-based development firm Allied-Orion sold the property, which was 95 percent occupied at the time of the sale.
WESTMINSTER, COLO. – Cornerstone Real Estate Advisers LLC has acquired the 310-unit Bradburn Row in Westminster for an undisclosed sum. The community is located at 11900 Newton Street within the master-planned community of Bradburn Village, about 20 minutes north of Downtown Denver. Bradburn Row was 96 percent occupied at the time of sale. Cornerstone purchased the asset on behalf of an institutional investor. The seller, Carmel Partners, was represented by HFF’s Jordan Robbins and Jake Young.
WACO, TEXAS — Marcus & Millichap has brokered the sale of Woodland Springs Nursing Center, a 132-bed skilled nursing facility in Waco. The asset, located at 1010 Dallas St., sold for a price of $6.4 million. Rod Llanos of Marcus & Millichap marketed the property on behalf of the seller, a partnership. Llanos also secured the buyer, a limited liability company.
FORT MYERS, FLA. — GMA Architects & Planners has completed Discovery Village, a new seniors living community in Fort Myers. The 121,000-square-foot community includes three wings for independent living, assisted living and Alzheimer residents. The new building features courtyard gardens, a theater, game room, living room with a fireplace and bar, fitness facilities and a pool. The rest of the design team includes Development Consulting LLC, interior designer IAK Florida Design and general contractor DeAngelis Diamond Construction.
CELEBRATION, FLA. — Cushman & Wakefield has arranged a $17.4 million acquisition loan for 163 unsold condominium units in the 210-unit Mirasol at Celebration. Mike Ryan, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s Atlanta office arranged the loan on behalf of the buyers, affiliates of Walton Street Capital LLC and Levin Realty Associates. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield’s Orlando office represented the seller in the transaction.
NEW YORK CITY — Madison Realty Capital (MRC) has provided $37 million in financing for a 92-unit residential conversion project in the Williamsburg neighborhood of Brooklyn. MRC provided financing to the borrower to complete redevelopment of two properties — a church and the adjacent school building, formerly owned by the Roman Catholic Diocese of Brooklyn — and retire existing debt on the property. The 92-unit, 78,773-square-foot project will convert the church building into 38 residential units, while the school building will be repositioned as a 54-unit apartment complex. Rushmore Capital Partners advised on the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $5.4 million sale of 192 Grand St., a 5,849-square-foot multifamily property in Manhattan. Peter Von Der Ahe, Scott Edelstein and Michael Helpern, investment specialists in Marcus & Millichap’s Manhattan office, represented the buyer and seller, both private investors. The property is located at 192 Grand St. between Mulberry and Mott streets in Manhattan’s Little Italy. A local family privately owned the four-story building for more than 50 years. This building features four residential units and one commercial restaurant space.
EVANSTON, ILL. — Essex Realty Group Inc. has arranged $7.3 million the sale of 525 Kedzie St., a newly built, 20-unit multifamily building in suburban Chicago. Originally built as upscale condominiums, the property is situated at the intersection of Kedzie Street and Chicago Avenue in Evanston. The building features floor-to-ceiling windows, an elevator, private balconies, penthouse units with terraces and a 42-space heated parking garage. Budget and Avis Car & Truck Rental leases the commercial space. Jim Darrow and Jordan Gottlieb of Essex were the brokers in the transaction.
DALLAS — A joint venture between investment and management firm Presidium Group and private equity firm Second City Real Estate has acquired the Easton Hills apartment complex, a 282-unit property in the White Rock Lake neighborhood of Dallas. The new ownership will rebrand the asset as The Grove at White Rock and implement a capital improvement program valued at $1.7 million. Enhancements of apartment interiors will include new flooring, hardware, plumbing, lighting fixtures and appliances, while exterior renovations will consist of upgrades to building exteriors, landscaping, community amenities and leasing office and the addition of a fitness center. The property is located at 10429 Lone Tree Lane.
